Prices Have Risen
Although somewhat difficult to track because of how few sales there are in the area, all data points to rising prices in the Burlingame Gardens real estate market in 2012. This mirrors a trend we have seen in the overall Burlingame and greater Peninsula real estate markets. The 11 homes sold in Burlingame Gardens in 2012 have gone for an average price of $856,000 and a median price of $886,000. These are the highest figures since 2008, suggesting that some of the downturn in pricing seen in the 2008-2010 timeframe has now been reversed.
The average price per square foot is up too. It has been just above $650 in 2012, which is actually higher than in 2008 or 2009. This number varies with the size of homes sold in a given year. 2012 has happened to have seen a lot of smaller homes listed and sold, pushing up the average price per square foot. Still, in 2010, when the average home sold was 1,300 square feet (same as 2012), the average price per square foot was $568. An extra $80 per square foot represents an additional $100,000 - $150,000, great news for sellers.
Even with the recent positive price pressure, Burlingame Gardens remains one of the lower price neighborhoods in Burlingame, with average and median selling values under $1 million. One of the main drivers of lower selling values is the small average size home, under 1,500 square feet.
Homes that are selling are doing so quickly. The average sold home in 2012 in Burlingame Gardens was on the market for just 19 days. Many homes have sold in less than 10 days. Buyers are regularly bidding above asking prices as the compete for a dwindling supply of homes. The inventory of unsold homes at the end of October 2012 was just one home. Although buyers must act quickly and decisively in this type of market, it is important to keep composure. Although many homes have recently sold for 5% or 10% above asking, there have been a few that have gone for 10% below asking, as sellers were too far ahead of the market. A buyer that mistakes the latter for the former would end up overpaying by 15% to 20%, around a $150,000 mistake. It is important to have someone working with you that knows the local real estate market.
By The Numbers - Burlingame Gardens Real Estate for October 2012
|Current Month||YTD Total or Average|
|October 2011||October 2012||Jan - Oct 2011||Jan - Oct 2012|
|Days on Market||N/A||11||41||19|
|Avg $ per Sq Ft||N/A||$734||$530||$651|
Thinking of buying or selling a home in Burlingame Gardens?
If you're interested in learning more about the Burlingame Gardens real estate market, considering selling your home in Burlingame Gardens, or thinking about moving to Burlingame Gardens, please drop me a line and I'd love to connect with you.